Thursday 09 May, 2019
NASFUND Keeps tab on Housing Advance Payments
National Superannuation Fund (NASFUND) is keeping a close eye on building suppliers and their conducts when processing housing advance payments from member accounts for their housing needs.
NASFUND conducted a presentation on Thursday 9th May to suppliers of building materials who receive housing advance payments on behalf of members to build or renovate their houses.
The Super Act allows members to access their super savings to build a house, purchase a home or improve an existing dwelling that is the principal place of residence.
NASFUND maintained that, it is supportive of the provision as it addresses an important social need for members and their families, however, in recent times the FUND has come across cases where this facility has not been used for its intended purpose.
The presentation was intended to inform suppliers in Port Moresby about our processes and the consequences of not accomplishing the objective of the Housing Advance Scheme.
“The FUND has seen as increase in cases where members where acting under false pretence to apply for their housing advance and then, cashing out funds from suppliers,” the FUND stated.
It is said that while there are genuine and reputable building material suppliers who are honest in facilitating funds for the purpose of building or renovating houses, there have been reports received where members are conspiring with sales personnel’s without the knowledge of the management of those suppliers.
The presentation conducted by the Chief of Member Services, Charlie Gilichibi reminded suppliers to abide with the policies and procedures that is governed by the Superannuation Act to ensure prudential standards are practiced for the best interest of members.
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